EPA To Celebrate National Superfund Cleanup Milestone at Macalloy Corporation Superfund Site in North Charleston, SC

(ATLANTA – November 8, 2006) EPA Administrator Stephen L. Johnson will join representatives from Magnolia Development LLC and Cherokee Investment Partners November 20, 2006 in North Charleston, S.C. to recognize the Macalloy Corporation Superfund Site (the Site) as the 1,000th site in the United States to complete all construction activities as part of the selected cleanup plan. The cleanup was completed in a remarkable six years, from listing on the EPA Superfund National Priorities List to construction completion. The accelerated pace of cleanup will allow for the transition of the Site from a dilapidated piece of property to an invaluable community resource. Redevelopment plans will be presented at this event.

The Site is a 150 acre piece of land that was home to a ferrochrome alloy plant from 1941 to 1998. Surface water discharges from the facility repeatedly exceeded permissible levels of chromium and hexavalent chromium, a suspected cancer-causing agent. EPA completed construction of the cleanup in September 2006, building a remedy designed to prevent contaminants from spreading through the soil, surface water or ground water. EPA will continue to monitor the Site to ensure effectiveness of the constructed cleanup activities that have been performed.